In 2022, the market for industrial valves is anticipated to be worth approximately $71.8 billion. The entire demand is predicted to increase at a moderate CAGR of 4.3% between 2022 and 2029, achieving a valuation of US$ 96.2 Bn by 2029, as industrial valves are increasingly used to control the flow of commodities.
Up from the revenues worth US$ 71.8 Bn Estimated in 2022, the global market for industrial valves is projected to witness modest growth by the end of 2029. A new market research report by Future Market Insights (FMI) suggests that the increasing exploration activities for new water sources will predominantly favor the growth of market over the course of coming years.
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The constant growth of the chemical industry and the resurgence of the oil and gas industry are also likely to be significant factors driving industrial valve sales globally. The analysis from FMI also shows that there are lots of prospects in the chemical and water & wastewater sectors.
The gate type segment of industrial valves is anticipated to command significant value shares of the overall industrial valves market. Also, it is anticipated that throughout the projected period, the globe valve segment would command the most attention. The most popular industrial valve types are predicted to continue to be gate valves, closely followed by globe and ball valves. Nonetheless, a few producers are concentrating their investments in globe industrial valves. According to FMI’s study, butterfly valves are becoming increasingly popular across industries.
Cast steel, carbon steel, and stainless steel continue to be the favoured materials among manufacturers of industrial valves, who jointly account for 85% shares in sales, according to a market analysis of industrial valves based on material. According to the report’s results, bronze is projected to become a lucrative material of choice in the years to come.
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Market in APEJ Projected for Remunerative Growth
The market in Asia Pacific excluding Japan (APEJ) is expected to exhibit lucrative growth potential in the global industrial valves market over the forecast period of 2022-2029. According to the report, this growth is propelled by the rapid growth in the oil & gas industry in countries of APEJ such as India and China, and ASEAN Countries, among others. The economic condition of these countries have been positively developing.
Furthermore, owing to the effects of macroeconomic factors such as growing population, urbanization, and rapid industrialization, the confidence of investors and investments in housing and other residential projects across APEJ has increased drastically. Consequently, the region’s chemical has considerable momentum over the past few years. This overall scenario is translating into modest growth in the demand for valves across the multiple industries, eventually pushing the market growth potential of APEJ.
Industrial Valves Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global industrial valves market such as GE Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, x KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., IMI Plc, Mercer Valve Co., Inc., National, Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation, and LESER GmbH & Co. KG, among others.
The global industrial valves market is significantly consolidated with some players holding prominent shares of the market. These players are offering industrial valves under their popular brands such as Cameron, and World Valves, among others.
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